NST No.1 holder (In a micro)?, page-14

'They JV'd the surrounding ground at Bryah basin...'

You impute the 'they' to NST and that is incorrect. It was ALY that got IGO involved pre-NST involvement.

The sequence was:

1. 30/1/14 ALY teams up with IGO in re the Bryah basin vms cu/au areas.

" IGO to earn-in to base metal prospective tenements covering 300 km2 of prospective stratigraphy across Bryah Basin Project
 IGO may earn up to an 80% interest in all minerals, excluding iron ore, by sole funding $6.5M on exploration over 6 years
 Alchemy free-carried to completion of a Pre-Feasibility Study and carried on an interest free deferred basis for a further $5M of Definitive FS expenditure
 Alchemy retains 100% interest in existing gold resources and will focus on drill testing high-grade gold targets at Seaborg"

2. 5/11/14 IGO likes what it has seen and exercises right to farm-in and JV. ALY confirms it keeps the gold areas for itself.

3. 24/2/15 NST buys Hermes etc for $1.45m and jvs the other gold area and ALY places $500k's worth of shares at 1.5c with NST in exchange for NST paying $500k to ALY.

4. NST gets busy on Hermes so as to get it up to speed to feed Plutonic.

5. In the meantime ALY sits and waits for IGO to progress and also searches for a new venture for itself.

So, NST had nothing to do with the IGO agreements as it was not a shareholder at the time. Jindalee Res was though and was still a big sh as at AGM last year. Interesting in itself!

It's my view that NST became a sh of ALY because it had promising gold areas near Plutonic (not including Hermes), had an interesting JV with IGO and could maybe come across new gold and base metals exploration ground because of the expertise of Kevin Cassidy in those fields. It's not the other way round imo. It's not NST setting the agenda. Nevertheless, its presence does provide ALY with some oomph and ready capital if needed.